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AI>rAlfCE  EDITION 


Ciiriosities  of  A7nerica7i  Coinage 


By  Alex.  E.  Outerbridge,  Jr. 


AUTHOn'S  EDITION,   extracted  from   HVIjIjETIT^ 

OK     THE 

^Uu^cum  0f  Science  and  %x\,  ^^\\mx$\%  of  f  enna. 

No.    4,   Volume    1 
MEMORANDUM  (not  for  publication)  FROM  THE  AUTHOR. 


The  "proof"  of  this  paper  was  submitted  to  the  National  Sound  Money 
League,  740  Monadnock  Building,  Chicago,  with  the  request  that  any  errors  of  fact 
or  theory  might  be  pointed  out.  The  Secretary  replied,  "  Your  communication  has 
been  examined  by  our  staff  and  found  correct." 

The  proprietors  of  the  Bankers'  Magazine,  N.  Y.,  referring  to  the  statements 
rej^arding  the  gold  coinage,  which  appeared  in  a  brief  article  in  the  July  issue  of  that 
magazine,  write  (Aug.  19th,  1898):  "The  facts  brought  to  light  by  your  investiga- 
ti<ins  are  certainly  important,  and  if  you  have  not  already  done  so  we  would  suggest 
thai  you  bring  the  matter  to  the  attention  of  the  Secretary  of  the  Treasury,  the 
Director  of  the  Mint,  and  the  Committee  on  Coinage  of  the  House  of  Representa- 
tives." 
7023  Germantown  Ave., 

Pbilo'lelphia,  Sept.  1st,  189S. 


CO 

CO 

en 


MQ- 


\-.'^U 


CURIOSITIES  OF  AMERICAN  COINAGE. 
By  Alex.  E.  Outerbridge,  Jr.^ 

It  is  reinarkable,  in  view  of  the  universal  desire  of  mankind 
to  obtain  money,  that  so  few  persons,-  comparatively,  really 
know  anything  about  the  early  history  of  money,  or  the  social 
and  industrial  conditions  which  led,  long  ago,  to  the  substitu- 
tion of  pieces  of  coined  money  for  direct  barter,  in  short,  when, 
where,  and  how,  the  art  of  coining  and  use  of  metallic  money 
originated.  Tliese  are  interesting  subjects  for  historical  and 
arclueological  research,  and  they  have  a  direct  practical  relation 
to  the  development  of  the  modern  science  of  money.  Else- 
where I  have  gone  over  this  classical  ground,  and  I  pro- 
pose, on  this  occasion,  to  limit  the  field  to  be  surveyed  to  that 
portion  of  the  subject  which  relates  particularly  to  the  early 
history  of  American  coinage  and  its  modern  developments. 
There  are  many  curious  and  important  facts  relative  to  this 
coinage  with  which  the  people  are  either  wholly  or  in  part 
unacquainted. 

My  subject  will  be  comprised  under  four  heads,  viz. :  1 .  The 
functions  of  money ;  2.  The  early  Colonial  coinage ;  3.  The 
coinage  by  private  individuals  or  companies ;  4.  The  National 
coinage. 

THE   FUNCTIONS   OP   MONEY. 

In  "  Money  and  the  Mechanism  of  Exchange/'  Professor 
Jevons  relates  an  amusing  experience  of  a  Parisian  singer  who 
made  a  professional  tour  of  the  world  some  years  ago.  In 
crossing  the  Pacific  Ocean  the  steamship  was  unexpectedly 
compelled  to  call  at  the  Society  Islands,  where  she  was  detained 
for  a  day  or  two.  A  few  foreigners  who  were  there  invited 
the  sino;er  to  jjive  a  concert,  as-reeing  that  she  should  receive 
one-third  of  the  gross  proceeds.  The  lady  accepted  the  invita- 
tion, and    the  concert  was  well  attended    by  the  natives,  who 

'  A  lecture  delivered  in  the  Museum  of  Science  and  Art,  University  of 
Pennsylvania,  March  23d,  1898. 

1 


272;^0(> 


2  CURIOSITIES   OF   AMERICAN   COINAGE. 

came  from  all  parts  of  the  islands.  When  the  receipts  were 
counted  the  lady  found  that  her  share  consisted  of  several  pigs, 
fowls,  goats,  and  a  large  quantity  of  bananas,  cocoanuts,  and 
other  tropical  fruit.  There  was  very  little  money  in  circulation 
on  the  islands,  and  as  Mademoiselle  could  not  consume  any 
considerable  portion  of  her  share  of  the  proceeds  of  the  concert 
it  became  necessary  to  feed  the  live  stock  with  the  fruit. 

This  story  is  told  to  illustrate  a  difficulty  which  arose  in  the 
earliest  commercial  transactions  from  the  want  of  a  common 
medium  of  exchange,  which  difficulty  led  to  the  invention  (about 
700  B.  C.)  of  coined  money  as  a  "go-between  "  or  substitute  for 
direct  barter. 

At  the  first  glance  it  might  appear  a  simple  matter  for  the 
butcher,  the  farmer,  or  the  miller  to  make  due  exchange  of 
commodities  without  the  intervention  of  the  go-between  called 
money,  but  a  little  reflection  will  soon  reveal  at  least  three  great 
difficulties:  First,  that  of  finding  two  persons  whose  disposable 
goods  mutually  suit  each  other's  wants  ;  second,  the  impracti- 
cability of  subdividing  many  articles ;  for  example,  a  tailor  can- 
not cut  up  a  coat  into  small  portions  without  destroying  its 
value;  third,  the  complexities  involved  in  equitably  adjusting 
the  relative  values  of  various  commodities.  These  and  other 
difficulties  led  to  the  selection,  quite  early  in  the  history  of 
civilization,  of  certain  substances  which,  by  common  consent, 
were  received  by  all  persons  in  exchange  for  all  commodities 
at  certain  rates  by  mutual  agreement.  A  curious  variety  of 
materials  have,  at  diffiirent  times,  and  in  diffi^rent  countries, 
served  this  useful  purpose,  and  it  is  evident  that  such  sub- 
stances would  soon  come  to  possess  the  two  great  functions  of 
money,  viz. : 

1.  A  common  medium  of  exchange. 

2.  A  common  measure  of  value. 

In  the  most  primitive  age  the  skins  of  wild  animals  were 
usually  selected,  being  both  useful  and  portable.  Even  in  the 
early  part  of  tiiis  century  the  business  of  the  Hudson  Bay 
Trading  Company  was  transacted  with  the  North  American 
Indians  entirely  on  this  basis;  a  gun,  for  example,  was  valued  at 
"  twenty  i)eaver  skins."     In   Massachusetts  (and  otlier colonies) 


ftj]  be  be  £JD  !^ 

o  o  o  o  o 
i--^  o  o  o^o 

CI  -^-;  —  M 


CURIOSITIES   OF   AMERICAN    COINAGE.  5 

prior  to  the  Revolution  specie  was  at  times  so  scarce  that 
laws  were  passed  legalizing  the  payment  of  taxes  in  skins, 
cattle,  and  farm  products. 

It  is  said  that  in  the  mountainous  districts  of  Kentucky, 
skins  are  used  even  to  this  day  as  currency  to  a  limited  extent 
by  the  natives. 

In  Massachusetts  a  law  was  enacted,  March  4th,  1634,  as 
follows  :  "  It  is  likewise  ordered  that  muskett  bulletts,  of  a 
full  hoare,  shall  pass  currantly  for  a  farthing  a-piece,  provided 
that  noe  man  be  compelled  to  take  above  XII  pence  att  a  tyme 
in  them." 

EARLY  COLONIAL  COINAGE. 

The  inconvenience  experienced  from  the  want  of  sj'tecie 
caused  the  colony  of  Massachusetts  to  establish  a  mint  as  long 
ago  as  the  year  1652  ;  this  was  exactly  140  years  before  the 
establishment  of  the  National  Mint  in  Philadelphia.  The 
Massachusetts  law  provided  for  the  coinage  of  "shillings," 
"  6  pence"  and  "  3  pence,"  all  of  sterling  silver,  that  is,  925 
parts  of  pure  silver  and  75  parts  of  copper  ;  the  law  stipulated 
that  the  coins  were  "  to  be  reduced  in  weight  2  pence  in  the 
shilling  less  than  the  English  coin."  A  curious  mistake 
occurred  in  the  calculation  whereby  these  shillings  were  made  5J 
grains  too  light,  but  they  served  a  good  purpose  notwithstand- 
ing. The  device  upon  the  coins  is  a  "  pine  tree,"  and  the 
Massachusetts  pine-tree  shillings  are  now  so  rare  that  they  are 
only  to  be  found  in  cabinets  of  coins. 

The  British  Government  opposed  the  establishment  of  this 
mint,  as  it  did  in  fact  all  manufacturing  industries  of  every 
kind  in  the  colonies,  but  the  mint  continued  in  active  opera- 
tion for  over  thirty  years  and  Maryland  soon  followed 
Massachusetts'  example.  These  were  the  only  silver  coins 
issued  before  the  Revolution,  but  several  other  American  colo- 
nies issued  copper  coins.  After  the  Revolution  silver  Avas  coined 
by  the  ditferent  States,  and  even  by  private  individuals,  and  very 
soon  after  peace  was  established  Congress  began  agitating  the 
subject  of  a  national  coinage.  Robert  Morris,  the  financier,  was 
directed  to  present  a  scheme  of  coins  and  currency.     His  first 


6  CURIOSITIES    OF    AMERICAN    COINAGE. 

report  (prepared  by  the  assistant  financier)  was  presented  in 
1782  and  it  proposed  a  decimal  system,  which  has  been  adopted, 
but  all  the  other  features  were  discarded,  chiefly  on  account  of 
the  diminutiveness  of  the  proposed  "  unit,"  which  was  only 
one-tenth  of  a  penny.  Jefferson  said  in  the  discussion  "  a  horse 
or  bullock  of  $30  value  would  require  a  notation  of  six  figures, 
to  wit:  115.200  units."  A  few  years  later  Jefferson  himself 
presented  a  rejiort  proposing  the  Spanish  milled  dollar  as  a  suit- 
able unit,  as  this  coin  was  very  familiar  to  the  people  and  of  a 
convenient  size  ;  these  proceedings  were  under  the  "  confedera- 
tion" and  one  of  the  articles  of  the  original  compact  permitted 
coinage  "  by  the  respective  States."  Vermont,  Connecticut, 
Massachusetts,  and  other  States  issued  coins  under  this  arrange- 
ment for  a  few  years,  until  the  Constitution  in  1787  vested  the 
ris:ht   of  coinage  solelv  in  tiie  General  Government. 

For  some  reason,  not  known,  the  code  of  laws  for  establish- 
ing the  National  Mint  was  not  formulated  until  five  years  later. 

The  Act  of  April  2, 1792,  provided  for  the  establishment  of  a 
Mint,  and  for  the  coining  of  ten,  five,  and  two-and-a-half  dollar 
gold  pieces  ;  also  one  dollar,  one-half,  one-quarter,  one-tenth  of 
a  dollar  in  silver  ;   one  cent  and  half-cent  in  copper. 

Copper  coins  were  struck  at  the  Philadelphia  Mint  in  1792, 
some  of  these  bore  the  head  of  Washington  on  one  side,  but  he 
disapproved  of  the  device  and  suggested  the  substitution  of  the 
head  of  Liberty.  Since  that  time  no  American  coin  has  ever 
displayed  the  head  of  any  individual. 

COINAGE   BY   PRIVATE   INDIVIDUALS   AND   COMPANIES. 

An  exceedingly  interesting  curious,  and,  indeed,  inexplicable 
feature  of  the  early  history  of  coinage  of  money  in  America, 
regarding  which  there  is  but  little  accurate  information  available 
at  the  present  day,  is  the  issuing,  on  a  large  scale,  of  gold,  silver 
and  copper  coins  (also  "tokens")  by  private  individuals  and  by 
trading  companies.  It  will  surprise  many,  no  doubt,  to  learn 
the  extent  to  which  this  practice  was  carried,  and  that  it  was 
permitted  to  exist  until  a  comparatively  recent  period,  notwith- 
standing the  express  prohibition  in  the  Constitution  of  all  such 
acts. 


CURIOSITIES   OF   AMERICAN   COINAGE.  iJ 

III  a  report  made  to  Congress  by  the  Director  of  the  Mint 
(Dr.  Patterson)  iu  1840,  these  words  may  be  found  : 

"  Coinage  of  gohl  and  silver,  though  withheld  from  the  State, 
is  freely  permitted  by  individuals." 

In  1850  the  assayers  of  the  Mint  (Eckfeldt  and  Du  Bois) 
reported:  "There  are  several  classes  of  gold  coins  which  are 
struck  within  the  national  boundaries,  but  are  not  of  the  United 
States;  these  are  Bechtler's  coins  of  North  Carolina  and  the 
California  coins." 

In  1851  the  assayers  reported  that  twenty-seven  different 
kinds  of  gold  coins,  issued  from  fifteen  private  mints,  had  been 
received  and  assayed  at  the  United  States  Mint  in  Philadelphia. 

The  earliest  private  coinage  intended  for  use  in  the  colonies 
of  America  (except  the  Bermuda  "hog"  coins)  is  known  to 
numismatists  under  the  general  name  "  Rosa  Americana,"  and 
the  storv  connected  therewith  is  most  remarkable.  In  the  year 
1722,  Mr,  Wood,  an  iron  founder  of  Wolverhampton,  Eng- 
land, claimed  to  have  discovered  an  alloy  suitable  for  coins, 
consisting  of  copper,  zinc  and  a  small  proportion  of  silver. 
Through  the  influence  of  a  favorite  of  George  I,  known  as 
the  "  Duchess  of  Kendall,"  a  patent  was  issued  by  the  King, 
dated  July  12,  1722,  together  with  a  "Royal  license,"  which 
was  to  continue  for  fourteen  years,  for  coining  "tokens"  for 
Ireland  and  the  colonies  of  North  America  to  a  large  extent, 
viz.,  "three  hundred  tons;"  the  amount  of  the  Irish  coin  was 
limited  to  £105,000,  a  great  sum  at  that  day. 

A  small  royalty  of  £100  a  year  was  to  be  paid  into  the 
King's  exchequer  and  a  salary  of  £200  to  an  officer  of  the 
Crown,  called  the  "Comptroller."  Sir  Isaac  Newton,  then  the 
Director  of  the  Royal  Mint,  was  chosen  for  this  office,  and  he 
served  for  a  short  time,  when  he  nominated  a  nephew,  M'ho  suc- 
ceeded him. 

Thousands  of  Wood's  base  metal  coins  were  struck  for 
use  in  Ireland,  and  the  issue  would  probably  have  been 
accepted  by  the  people  without  question,  had  it  not  been  that 
Dean  Swift,  then  living  in  seclusion,  saw  in  this  scheme  an 
opportunity  to  attack  the  English  Government,  and  by  his 
*'  Drapier's  Letters,"   his  poems,  and   other  writings,  all  anony- 


10  CURIOSITIES   OF    AMERICAN    COINAGE. 

moiisly  published,  iu  which  he  mercilessly  lampooned  the  scheme 
and  all  those  who  were  in  any  way  connected  with  it,  lie 
aroused  a  storm  of  fury  that  is  said  to  have  been  "indescrib- 
able." A  writer  of  the  day  said  :  "All  parties,  Catholics  and 
Protestants,  Whigs,  Tories,  Orangemen  and  Rapparees,  were 
equally  frantic.  Merchants  publicly  announced  they  would  not 
accept  the  coin,  the  very  hawkers  and  link-boys  refused  it, 
declaring  it  would  buy  neither  ale,  tobacco,  nor  brandy. 
Wood's  effigy  was  dragged  through  the  streets  of  Dublin 
and  burned.  .  .  .  The  Privy  Council  offered  a  reward  of  £300 
for  the  discovery  of  the  author  of  the  '  Drapier's  Letters.'  " 

The  Kiug  then  ordered  the  proposed  issue  to  be  reduced  to 
£40,000,  but  this  did  not  assuage  the  excitement  in  the  least, 
and  it  finally  became  necessary,  iu  order  to  restore  peace,  to  buy 
back  the  Royal  license  from  Mr.  Wood,  by  the  payment  to  him 
of  a  pension  of  £3,000  a  year  for  fourteen  years. 

This  failure  did  not,  apparently,  kill  the  project  for  coining 
money  for  the  American  colonies,  and  the  many  pieces  actually 
struck  for  that  purpose  are  creditable  specimens  of  the  art  at 
that  period.  On  the  obverse  appears  the  head  of  the  king  and 
on  the  reverse  a  full  blown  rose,  with  the  legend,  "  Rosa 
Americana,"  and  the  date  "  1722."  On  the  later  issues  the  head 
of  George  II  appears  and  the  date,  1733. 

There  is  preserved  iu  the  Massachusetts  archives  a  letter  of 
instructions,  dated  October  29th,  1725,  from  the  Duke  of  New 
Castle  to  the  Governor  of  Massachusetts,  saying: 

Sir,  His  Majesty  having  been  pleased  to  graunt  to  Mr.  Wood  his  letters 
patent  for  the  coining  of  two  pence  and  half  pence  pieces  of  tlie  value  of 
money  of  Great  Britain  for  His  Majesty's  dominions  in  America,  which  said 
coin  is  to  receive  such  additional  value  as  shall  be  reasonable  and  agreeable 
according  to  the  customary  allowance  of  exchange  in  the  several  parts  of 
His  Majesty's  dominions,  as  you  will  see  more  at  large  by  the  patent 
wliicli  will  be  laid  before  you  by  the  person  that  delivers  this  letter  to  you, 
I  am  to  signify  to  you  His  Majesty's  pleasure  that  in  pursuance  of  a  clause 
in  said  patent  by  which  all  His  Majesty's  officers  are  to  be  aiding  and  assist- 
ing Mr.  Wood  in  the  due  execution  of  what  is  therein  directed  and  in  the 
legal  exercise  of  the  several  powers  and  enjoyment  of  the  privileges  and 
advantages  thereby  graunted  to  him,  you  are  to  give  him  all  due  encourage- 
ment and  assistance  and  that  you  and  all  sucii  other  of  His  Majesty's  officers 
there,  whom    it   may  concern,  do  readily  perform  all   legal   acts  that   may  he 


CURIOSITIES    OF    AMERICAN    COINAGE.  11 

requisite  for  that  purpose.  This  I  ara  particularly  to  recommend  tu  your  care, 
and  to  desire  your  protection  to  Mr.  Wood  and  to  tho.se  whom  he  shall  employ 
to  transact  this  affair  in  the  Provinces  under  your  government. 

I  am  Sir 

Yr  Most  Humble  Servant 

New  Ca.stle. 

If  we  may  rely  upon  the  statement  of  an  Engli.sh  writer  ot 
the  day  Mr.  Wood's  coin  did  not  meet  with  a  very  cordial 
reception  in  America,  for  the  pamphlet  says: 

"  Wood  obtained  a  patent  for  coining  small  money  for  the  English  planta- 
tions in  America  in  which  he  had  the  conscience  to  make  13  shillings  out  of 
1  pound  of  brass,  this  money  they  rejected  in  a  manner  not  so  decent  as  that 
of  Ireland." 

In  the  year  1830  Mr.  Templetou  Reid,  of  Georgia,  established 
a  private  mint  at  which  he  coined  $10,  $5,  and  $2.50  gold 
pieces  ;  these  circulated  freely  through  the  South,  and  they  were 
brought  to  the  U.  S.  Mint  in  Philadelphia  for  deposit  and 
re-melting  in  quantities.  The  assayer  reported  in  1842  that  the 
$10  gold  pieces  of  T.  Reid  weighed  248  grains,  contained  942 
parts  of  pure  gold  in  1,000  parts  of  metal,  and  the  intrinsic 
value  slightly  exceeded  the  nominal  value,  being  worth  $10.06. 
These  coins  are  now  quite  rare. 

In  1831  Christopher  Bechtler  of  Rutherfordton,  N.  C,  fol- 
lowed Mr.  Reid's  example  on  a  larger  scale,  and  in  a  few  years 
he  had  issued  several  million  dollars  worth  of  gold  coins  of 
denominations  of  $10,  $5,  $2.50,  and  §1.^ 

In  1842  the  Mint  assayers  stated  that  "coining  is  still  carried 
on  by  Bechtler,  although  there  is  a  branch  United  States  Mint 
less  than  eighty  miles  distant."  This  was  located  at  Charlotte, 
N.  C. 

In  1851  the  assayers  reported  that  "several  of  the  private 
issues  of  gold  coins  from  California  are  close  imitations  of 
the  national  coin;  some  assay  nearly  up  to  the  nominal  value, 
but  many  fall  below."  A  $10  piece  of  the  Pacific  Company 
only  yielded  $7.8(3  in  gold.     A  lot  of  diilerent  denominations 

'In  1840  Mr.  Bechtler  stated  that  the  amount  of  his  coinage  to  date  was 
$2,241,840. 


12  CURIOSITIES    OF    AMERICAN    COINAGE. 

aggregating  S562.50,  nominal  value,  yielded  at  the  Mint  in 
Philadelphia  3479.20. 

One  interesting  gold  coin,  a  $50  piece  (some  were  octagonal), 
issued  by  Aug.  Humbert,  United  States  Assayer  at  Sau  Fran- 
cisco, yielded  the  full  nominal  value.  All  of  these  private 
issues  have  now  been  stopped,  and  strict  laws  have  been  passed 
punishing  any  attempt  to  imitate  the  coins  of  the  nation  ; 
even  the  toy  money  formerly  made  for  children  of  gilded  paper 
has  been  prohibited  by  the  government  authorities. 

THE    NATIONAL   COINAGE. 

The  Mint  was  established  in  Philadelphia  in  1792  and  in  its 
first  year  issued  copper  coins  only,  coining  of  the  other  denomi- 
nations of  money,  as  already  named,  commenced  in  1793. 

Many  persons  believe  that  the  so-called  "  Dollar  of  the 
Daddies,"  weighing  412^^  grains  (nine-tenths  fine),  having  a 
ratio  to  gold  of  "  16  to  1  "  in  value  when  first  coined,  was  the 
original  dollar  of  the  Constitution.  This  is,  however,  erro- 
neous. The  412|  grain  silver  dollar  was  not  authorized  until 
forty-five  years  later.  The  original  silver  dollar  weighed  416 
grains,  and  the  ratio  of  silver  to  gold  was  15  to  1,  not  J  6  to  1. 

Several  modifications  in  weight  and  fineness  of  both  gold  and 
silver  coins  were  made  during  the  first  few  years,  prior  to  the 
Act  of  January  18,  1837,  which  greatly  simplified  the  coinage 
by  adopting  the  French  decimal  system,  including  a  uniform 
"fineness"  or  proportion  of  9  parts  of  gold  to  1  part  of  copper 
for  the  gold  coins,  and  the  same  proportion  of  silver  and  copper 
for  the  silver  coins  ;  the  weights  of  the  gold  and  silver  coins 
were,  at  the  same  time,  readjusted  so  as  to  make  the  ratio  "  16  to 
1  "  between  silver  and  gold.^ 

The  total  issue  of  silver  dollars  coined  under  the  Acts  of  1792 
and  1837  until  1873,  when  the  coinage  was  dropped,  amounted 


'  The  original  silver  dollar,  authorized  under  the  Act  of  April  2,  1792» 
contained  892.4  parts  of  pure  silver  in  1000  parts  of  metal  and  weighed  416 
grains.  The  Act  of  January  18tli,  1837,  changed  the  proportion  of  silver  to 
900  j)art8  in  1000  and  the  weigiit  to  412J  grains,  the  amount  of  pure  silver 
thus  remained  unchanged. 


CURIOSITIES   OF    AMERICAN   COINAGE.  13 

to  $8,031,238.  When  the  Bland  Act  was  passed,  in  1878,  the 
sih'er  in  the  silver  dollar  weighing  412^  grains  was  worth  89.1 
cents  ;  to-day  the  silver  in  the  same  dollar  is  worth  about  42.5 
<;euts.  In  the  first  four  months  after  the  Bland  bill  was  passed 
8,573,500  Bland  dollars  were  coined,  or  more  than  the  entire 
issue  of  the  old  silver  dollars  in  eighty  years.  In  the  same 
year  also  the  Mint  coined  11,378,610  "  trade  dollars "  which 
weiffhed  7h  irrains  more  than  the  Bland  dollars,  but  were  not 
^'  legal  tenders,"  ^  and,  though  issued  by  the  United  States  Mint, 
were  refused  by  the  United  States  Government  in  the  payment 
for  postage  stamps,  taxes,  or  for  other  dues,  while  the  Bland 
dollar,  of  lesser  intrinsic  value,  was  a  legal  tender  and  good  for 
payment  of  all  debts.  The  total  issue  of  trade  dollars  between 
1873  and  1879  was  35,965,924,  and  the  total  issue  of  Bland 
dollars,  from  1878  to  the  close  of  the  fiscal  year  1897,  was 
451,993,742. 

The  following  table  shows  the  total  coinage  value  of  all 
denominations  of  silver  coin  from  the  establishment  of  the 
United  States  Mint  in  1792  to  the  end  of  the  last  fiscal  year, 
June  30,  1897: 

J.  J j^^l  1792  to  February  12, 1873 $8,031,238  00 

°   ^^^  1 1878  to  June  30,  1897 451,993,742  00 

Trade  Dollars 35,965,924  00 

Half        "         134,033,195  00 

Columbian  Half  Dollars 2,501,052  50 

Quarter  Dollars 52,395,052  00 

Columbian  Quarter  Dollars 10,005  75 

20  Cent  Pieces 271,000  00 

10    "         "       29,428,613  90 

5     "  "       4,880,219  40 

3    "         "      1,282,087  20 

Total §720,792,129  75 

It  thus  appears  that  the  Bland  dollars  coined  since  1878  ex- 
ceed  in  coining  value  all   the  other  issues  of   silver    money 


1  The  act  of  Feb.  12th,  1873,  made  the  trade  dollar  a  "  legal  tender  in  sums 
not  exceeding  $5.00;  this  legal  tender  quality  was  withdrawn  by  the  joint 
resolution  approved  July  22d,  1876,  and  the  coinage  was  limited  to  such 
amount  as  the  Secretary  of  the  Treasury  should  consider  suflScient  to  meet  the 
export  demands." — United  States  Treasury  Departvunt  Circvlar  No.  US. 


14  CURIOSITIES   OF    AMERICAN    COINAGE. 

from   the  establishment  of  the  Mint,  in  1792,  to  the  present 
day. 

Although  Congress  appropriated  a  sum  of  mouey  ($40,000) 
to  "  pay  the  freight"  on  Bland  dollars  from  the  Mints,  or  Sub- 
Treasuries,  to  any  part  of  the  country,  the  government  has  never 
succeeded  in  getting  more  than  a  small  proportion  of  the  vast 
accumulation  of  Bland  dollars  into  circulation.  It  became 
necessarv,  therefore,  to  construct  enormous  storage  vaults  of  steel, 
some  of  which  will  hold  more  than  one  hundred  million  of 
these  dollars.  The  depreciation  in  market  value  of  silver  in 
the  Bland  dollars  and  uncoined  bars  is  estimated  to  be  about 
§200,000,000. 

The  dropping  of  the  original  41 2|^  grain  silver  dollar  from 
the  law  of  1873  was  purposely  done  in  order  to  make  a  place 
for  the  new  silver  coin  called  the  "trade  dollar,"  ostensibly  in- 
tended for  foreign  trade  only,  actually  put  into  circulation  to  a 
large  extent  at  home  at  a  profit  to  silver  owners,  the  "  free 
coinage"  privilege  and  falling  market  value  of  silver  made 
these  transactions  remunerative.  Some  people  who  accepted 
the  trade  dollars  in  good  faith  suffered  loss.^  This  was  the 
first  entering  wedge  of  the  silver  speculation  which  has  attained 
such  gigantic  proportions. 

The  first  coinage  of  the  country  was,  in  a  measure,  experi- 
mental;  there  were  several  different  and  very  complicated 
finenesses,  or  proportions  of  precious  metal  and  alloy  used. 
Then,  in  1837,  an  admirably  simple  system  of  coinage  proposed 
by  Dr.  Patterson  was  established.  Later  on  various  more  or 
less  al)snrd  ideas  were  advanced  and  experiments  were  tried? 
such  as  the  "goloid"  dollars,  consisting  of  silver  and  gold  in 
proportions  of  24  to  1  and  15|^  to  1,  invented  and  patented  by 


'  Under  the  act  of  Feb.  19th,  1887,  holrlers  of  trade  dollars  were  permitted 
to  exchange  them  for  "  Bland  "  dollars  if  presented  at  the  Treasury,  or  any 
sub-treasury,  within  six  months  from  that  date.  Less  than  one-fourth  were 
thus  redeemed,  (7,689,036),  and  since  the  expiration  of  the  period  of  redemp- 
tion, trade  dollars  have  been  purchased  as  bullion,  at  the  market  price  of 
silver,  when  presented  at  the  mints.  Although  containing  more  silver  than 
the  Blantl  dullar,  the  trade  dollar  is  worth  less  than  half  as  much,  owing  ta 
the  low  price  of  silver. 


CURIOSITIES   OF   AMERICAN   COINAGE.  15 

Dr.  W.  W,  riubbcll.  Spucinions  of  these  freak  coins  were 
struck  at  the  Phihidelphia  Mint  in  1878 J 

At  the  time  that  Congress  was  engaged  in  formulating  laws 
for  the  establishment  of  the  Mint  and  the  regulation  of  the  coin- 
age in  1792,  the  production  of  silver  in  this  country  was 
insignificant  in  amount.  From  1815  to  1857  inclusive,  the 
silver  output  is  estimated  to  have  been  about  $50,000  each  year. 
As  long  ago  as  the  year  1853  the  production  of  gold  amounted 
to  $65,000,000  and  the  annual  output  has  never  equaled  that 
amount  since  that  time.  In  1860  the  silver  product  amounted 
in  value  to  $150,000.  In  1861  it  jumped  suddenly  to  .1?2,000,000, 
in  the  following  year  to  $4,685,000,  in  the  next  year  to 
$8,500,000,  and  so  on,  by  leaps  and  bounds,  until,  in  1878,  we 
were  turning  out  about  $45,000,000  worth  of  silver  (commercial 
value)  per  annum.  This  was  the  real  reason  why  the  Bland 
bill  for  the  restoration  of  the  old  silver  dollar,  weighing  412^ 
grains,  was  introduced  into  Congress  and  passed  over  the  Presi- 
dent's veto.  It  was  then  supposed  that  a  maximum  output  of 
silver  had  been  attained,  but  this  was  far  from  the  fact. 
Production  increased  amazingly  even  in  the  face  of  falling 
prices. 

In  1878,  the  year  the  Bland  bill  became  law,  the  average 
price  of  pure  silver  was  $1.15  an  ounce,  and  the  output  from 
American  mines  was  less  than  35,000,000  fine  ounces.  In  1896 
the  average  value  of  an  ounce  of  fine  (pure)  silver  was  67  cents, 
but  the  output  of  silver  had  risen  to  nearly  59,000,000  fine- 
ounces.  Since  that  time  the  price  of  silver  has  fallen  still 
lower  ;  to-day  it  is  about  55|  cents  per  ounce. 

In  1837,  when  the  412^  grain  silver  dollar  was  authorized. 


^  Two  different  designs  of  goloid  coins  were  struck  : 

1.  The  "  goloid  dollar,"  having  the  head  of  Liberty  and  motto  "  E  Plu- 
ribus  Unum  "  on  tiie  obverse,  while  on  the  reverse  the  following  tigures 
appear :  1  gold,  24  silver,  .9  fine,  258  grains. 

2.  The  "  goloid  metric  dollar,"  having  similar  design  on  the  obverse,  and 
on  the  reverse  the  following  figures:  15.3  gold,  236.7  silver,  28  copper,  14 
grammes. 

Proof  specimens  of  these  coins  are  preserved  in  the  cabinet  of  tlie  Mint  in 
Philadelphia. 


16  CURIOSITIES    OF    AMERICAN    COINAGE. 

the  pure  silver  contained  therein  (371^  grains)  was  worth  100 
cents  in  gold.  To-day  the  pure  silver  in  the  Bland  dollar  is 
worth  4:2^  cents. 

The  value  of  any  raw  product  depends  mainly  upon  the 
relation  between  the  production  and  consumption  ;  when  this 
remains  constant  the  {)rice  of  the  commodity  varies  but 
little. 

The  commercial  ratio  of  silver  to  gold  has  been  carefully  de- 
termined by  Dr.  A.  Soetbeer,  the  renowned  statistician,  from 
the  years  1687  to  1832;  by  Pixley  and  Abell  from  1832  to 
1878,  and  after  the  latter  date  by  the  daily  cablegrams  from 
London  to  the  Bureau  of  the  Mint,  These  tables  show  that 
the  ratio  between  silver  and  gold  vibrated  between  the  limits  of 
a  trifle  below  15  to  1  and  16  to  1  for  nearly  two  centuries.  In 
1873  the  ratio  was  almost  exactly  16  to  1,  then  the  great  flood 
of  silver  began  to  pour  out  from  the  famous  Comstock  lode  and 
other  mines  in  the  West,  so  that  production  soon  far  exceeded 
consumption.  The  government  was  compelled  by  the 
"Bland"  Act  of  February,  1878,  to  purchase  silver  at  the 
rate  of  "  not  less  than  $2,000,000  worth  per  month."  This 
continued  without  interruption  for  twelve  years  (from  1878  to 
1890)  during  which  time  more  than  four  hundred  million  silver 
dollars  were  coined.  The  Sherman  Act,  repealing  the  coining 
of  the  Bland  dollars,  really  made  matters  worse,  in  some  respects, 
as  it  authorized  the  purchase  by  the  government  of  not  less  than 
4,500,000  ounces  of  silver  per  month,  and  168,674,682.53  fine 
ounces  were  purchased  in  four  years  (1891-1894)  at  a  cost  to 
the  government  of  $155,931,002.25,  under  the  act  of  July  14th, 
1890.  The  average  price  paid  for  this  silver  was  almost  92|- 
cents  per  ounce.  At  the  present  market  price  (55|  cents  per 
ounce)  there  is  a  depreciation  in  value  of  $62,316,553.45  on 
the  silver  pigs  purchased  under  this  act.  Notwithstanding 
these  heroic  efforts  to  sustain  the  price  of  silver  through  the 
coni{)ulsory  purchase  by  the  government  of  such  vast  quan- 
tities of  the  metal,  the  flood  continued  rising  higher  and 
higher  while  the  price  descended  lower  and  lower,  thus  prov- 
ing that  silver  obeys  the  law  of  all  commodities,  and  that 
any  attempt  to  sustain  the  price  by  artificial  means,  even  when 


CURIOSITIES    OF    AMERICAN    COINAGE. 


17 


backed    by  such  a   rich  and   powerful   government,  an(]   carried 
out  on  such  a  great  scale,  must  surely  fail.' 

COINING   OF   GOLD. 

If  the  question  should  now  be  asked  you,  "  What  denomina- 
tion of  gold  money  of  the  United  States  has  been  most  largely 
coined  since  the  establishment  of  the  Mint  in  1792?"  you 
would  probably  say  the  "  gold  dollar,  of  course."  The  answer 
would  be  wrong — very  wrong.  Less  than  twenty  million  gold 
dollars  in  all  have  been  struck,  and  their  coinage  has  been  en- 
tirely discontinued  for  nearly  ten  years.  If,  on  the  other  hand, 
the  question  should  be  asked,  "  Which  denomination  of  gold 
money  has  been  coined  most  sparingly?"  you  would  probably 
say,  "  the  double-eagle."     Again  the  answer  would  be  wrong. 

Although  the  double-eagle  was  not  authorized  until  1849, 
fifty-seven  years  after  the  Act  which  authorized  the  eagle,  half- 
eagle  and  quarter  eagle,  more  double-eagles  have  been  coined 
than  of  any  other  denomination  of  gold,  and  the  intrinsic  value 
thereof  is  more  than  twice  that  of  all  the  other  gold  coins  put 
together.  The  total  value  of  all  gold  coined  in  the  United 
States  Mints,  except  the  double  eagles,  from  the  organization  of 
the  Mint  in  1792  to  June  30,  1897,  is  $548,840,918.  The 
value  of  tiie  double-eagles  coined  since  1850  (the  first  year  of 
their  coinage)  to  June  30,  1897,  is  $1,337,498,040. 


'Circular  No.  143  (dated  .July  1st,  1897),  issued  by  the  Uuited  States 
Treasury  Department,  says,  p.  63 :  "  The  stock  of  gold  and  silver  in  the 
world  in  1873  and  1896  is  estimated  to  have  been  as  follows : 


1873. 

1896. 

Gold 

S3,(M5,000,000 
1,817,000,000 

54,100,000,000 
4,200,000,000 

Silver 

The  commercial  value  of  silver  in  1896  was  less  than  one-half  of  its  value 
per  ounce  fine  in  1873;  notwithstanding  this  great  fall  in  price,  the  estimated 
value  of  silver  in  the  world  in  1896  exceeded  the  estimated  value  of  gold  at 
that  time,  while  in  1873  the  estimated  value  of  silver  was  only  59i  per  cent, 
of  the  estimated  value  of  the  gold  in  the  world. 

Stated  in  otiier  terms,  the  gain  in  estimated  value  of  gold  is  34. G5  per  cent., 
while  the  gain  in  estimated  value  of  silver  in  the  same  period  is  131  percent. 


18  CUBIOSITIES   OF    AMERICAN    COINAGE. 

A  circular  issued  by  the  United  States  Treasury  Department 
savs  :  "  The  total  coinage  of  gold  by  the  Mints  of  the  United 
States  from  1792  to  June  30,  1897,  is  $1,886,338,958,  of  which 
it  is  estimated  that  $671,676,250  is  now  in  existence  as  coin  in 
the  United  States."  The  pamphlet  explains  in  detail  the  basis 
upon  which  the  estimate  of  the  gold  coin  in  the  United  States 
was  established,  and  says  :  "It  will  be  seen  that  more  than 
two-thirds  of  the  gold  coins  struck  at  the  mints  of  the  United 
States  have  disappeared  from  circulation."  This  is  an  astound- 
ing statement.  What  has  become  of  all  this  vast  store  of  gold, 
amounting  in  value  to  $1,214,662,708,  or  more  than  90  per 
cent,  of  the  value  of  the  entire  issue  of  double  eagles? 

It  is  not  a  mere  theory  of  mine  that  the  disappearance  from 
circulation  of  about  two-thirds  in  value  of  all  the  gold 
coins  struck  at  the  Mints  of  the  United  States  is  due  in  part 
to  the  preponderance  of  coinage  of  double  eagles.  Thirty- 
seven  years  ago  the  Director  of  the  Mint  called  attention  to 
the  matter  in  his  official  report  as  follows  :  "  The  chief  design 
of  a  National  Mint  is  to  subserve  the  interests  of  the  people  at 
large  preferably  to  a  few  large  owners  of  bullion  or  coin. 
The  interests  of  the  public  and  of  depositors  are  not  always 
concurrent  in  the  matter  under  discussion.  .  .  .  The  plain 
effect  of  issuing  gold  coin  of  a  large  size  is  to  keep 
down  the  circulation  of  specie,  and  increase  the  use  of  paper 
money." 

In  the  Director's  report  for  the  year  1880  I  find  the  following  : 
"  In  Great  Britain  the  gold  coinage  consists  almost  wholly  of 
sovereigns  and  half-sovereigns  ;  in  France,  of  twenty  and  ten- 
franc  pieces  ;  and  in  Germany  of  ten-mark  j)ieces,  all  of  these 
coins  being  of  less  value  than  five  dollars.  The  absorption  by 
France  of  §1,100,000,000  of  gold  imports  into  her  circulation 
during  the  thirty  years  froqi  1850  to  1880  may  in  part 
be  accounted  for  by  the  coinage  of  nearly  all  this  gold  into 
denominations  of  less  than  two  and  four  dollars  value." 

The  average  coinage  value  of  double-eagles  during  the  ])ast 
four  years  has  been  over  $14,000,000  a  year,  as  compared 
with  a  yearly  average  value  during  the  same  j^eriod  of  about 
$10,000,000  in  eagles,  $4,()00;000  in  half  eagles,  and  $30,000, in 


CURIOSITIES   OF   AMERICAN    COINAGE. 


19 


quarter  eagles  !  It  thus  appears  that  we  are  still  coining  two- 
thirds  of  our  gold  into  double-eagles  that  never  ])ass  into  cir- 
culation and  disappear  ini mediately.^  If,  instead  of  pursuing 
this  short-sighted  policy  for  so  many  years,  the  people  had 
been  encouraged,  by  the  issue  of  small  denominations,  on 
the  return  to  specie  payments  in  1879,  to  circulate  gold 
instead  of  paper,  the  gold  could  not  have  been  so  readily 
drained  away  from  this  country  to  foreign  lands,  as  has  un- 
fortunately happened  on  a  great  scale  during  the  past  few 
years. 

If  these  words  shall  produce  any  impression  upon  those  in 
authority,  aud  thus  lead  to  a  modification  of  our  coinage  laws 
or  customs  in  this  regard,  the  attempt  I  have  here  made  to 
combine  with  an  academical  discussion  of  the  curiosities  of 
American  coinage  some  practical  suggestions  for  improvement 
therein  may  not  prove  altogether  futile. 

For  nearly  fifty  years  we  have  been  coining  double-eagles  (not 
to  raeution  eagles)  that  are,  as  a  rule,  immediately  shipped  to 
Europe;  there  they  go  at  once  to  the  melting-pot,  and  are  con- 
verted into  British  sovereigns  (having  a  different  proportion  of 
alloy)  or  into  gold  coins  of  other  nations;  as  soon  as  the  rate  of 
exchange  changes  beyond  a  certain  degree  these  brand-new  for- 
eign gold  coins  are  to  some  extent  shijiped  back  to  us,  and  they 
in  turn  go  to  the  raelting-j)ot  at  the  Mint,  where  the  proportion 
of  alloy  is  again  changed  to  make  the' standard  of  the  United 
States  (9-10  fine).  The  gold  is  then  recoined,  shipped  back  to 
Europe,  and  so  the  process  is  repeated  indefinitely. 

In  addition  to  the  large  expense  involved  in  this  useless  and 
endless  work  there  is  irrevocable  loss  of  precious  metal  with 


^  The  following  table  shows  the  gold  coinage  executed  at  the  mints  of  the 
United  States  during  the  fiscal  year  ended  June  30th,  1897 : 


DenominatiOD. 

Number. 

Value. 

2,990,241 
804,301 
747,802 
23,946 

859,804,820.00 

8,043,010.00 

3,739,010.00 

59,86>=).00 

Eagles 

Half  Eagles 

Quarter  Eagles 

Total  gold 

4,566,290 

871,846,705.00 

272a(K; 


20  CURIOSITIES    OF   AMEEICAN    COIN^AGE. 

each  handling,  melting,  and  coining.  I  believe  that  all  this  is 
unnecessary.  It  would  be  perfectly  feasible  for  the  nations  to 
agree  upon  some  simpler  method  of  adjusting  trade  balances  at 
a  tithe  of  this  cost;  and  even  if  the  time  shall  not  yet  have 
come  for  making  such  settlements  by  a  sort  of  international 
clearing  house,  a  partial  solution  of  the  difficulty  would  be 
found  in  the  adoption  of  an  international  gold  coin,  or  in  the 
more  general  employment  for  export  of  fine  gold  bars  instead 
of  coin,  which  have  been  assayed  at  the  mints  or  United  States 
Assay  Offices  and  officially  stamped  with  their  weight  and  fine- 
ness. There  is  less  risk  of  loss  by  robbery  in  transshipment  ot 
such  bars,  and  counterfeiting  is  not  likely  to  prove  a  dangerous 
impediment  for  several  reasons,  one  of  which  is  that  such  bars 
do  not  pass  into  general  circulation. 

It  is,  of  course,  necessar}',  before  we  can  hope  to  interest 
foreign  governments  in  any  improvement  in  international  mone- 
tary matters,  that  we  should  adopt  a  reform  in  our  own  currency, 
bringing  order  out  of  the  present  chaotic  condition. 

In  conclusion,  I  desire  to  call  your  particular  attention  to  the 
valuable  collection  of  early  American  coins,  as  well  as  coins 
of  other  nations,  deposited  in  this  Museum  by  Mr.  Robert 
C.  H.  Brock,  of  Philadelphia,  from  which  the  Director,  Mr. 
Culin,  has  had  the  illustrations  made.  This  collection  is  rich 
in  specimens  of  all  of  the  issues  mentioned,  and  they  are  in 
excellent  preservation. 


ADDENDUM— " Pattern  pieces"  only  were  struck  at  the 
Mint  in  Philadelphia,  in  1792;  the  regular  coinage  of  copper 
cents  and  half  cents  began  in  1793;  the  coining  of  silver 
commenced  in  1794,  and  of  gold  in  1795. 


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